Money laundering meaning

By Nelson Renteria SAN SALVADOR (Reuters) - Former El Salvadoran President Antonio Saca pleaded guilty in court to embezzlement and money laundering involving more than $300 million (£231.80 million) during his government, his lawyer said on Tuesday, as Saca sought to reduce his prison sentence. Saca pleaded guilty in July in a document sent to the attorney general in exchange for reducing his sentence from 30 to 10 years in prison, said his lawyer Lisandro Quintanilla, who attended the trial at a San Salvador court. Prosecutors said they accepted the confession and asked the judge to provide a quick ruling. "This is an abbreviated procedure, it does not mean that the case has been lost, in fact, we are proposing a prison sentence of 10 years for the former president of the Republic," said Jorge Cortez, head of the attorney general's financial investigation unit. Saca, who was president from 2004 to 2009, and six other former high-level public officials are on trial for the … [Read more...] about Former El Salvador president pleads guilty to money laundering

Jakarta (ANTARA News) - Indonesia remains committed to combating terrorism financing and money laundering in its jurisdiction and through regional and international cooperation. Money laundering is the process that criminals use to "clean" the money they make from crimes, such as fraud, dealing in illegal drugs, and tax evasion. People, who finance terrorism, use similar methods to channel funds to money launderers for violent causes and to disguise those who provide and receive the money. Hence, the International Monetary Fund, in recent years, has been assuming a greater role in anti-money laundering and combating the financing of terrorism. In its commitment to eradicating money laundering and terrorism financing, Indonesia is involved in the Association of the Asia Pacific Group on Money Laundering, which has 41 member countries. This organization seeks to ensure that each member country, including Indonesia, is actively pursuing standards of action established in anti-money … [Read more...] about Indonesia`s commitment to preventing money laundering

Share Tweet Plus One Pin It Email Print By: Manu Sebastian July 12, 2018 5:42 pm Change Font Size “Merely because trappings of police power is given, an authority cannot be compared with the policemen”- Madras HC BD stated while dismissing Nalini Chidambaram’s appeal A Division Bench of the Madras High Court has dismissed the challenge made by Senior Advocate Nalini Chidambaram against the summons issued under Section 50 of Prevention of Money Laundering Act (PMLA). The summons required Nalini Chidambaram to appear before the authorized officer of the Enforcement Directorate(ED) in connection with the Sharda Chit Fund Scam. The probe pertained to the payment of Rs. One Crore made by the company of Sudipta Sen, the main accused in Sharda Scam to Nalini Chidambaram, which was claimed to have been received as advocate fees. The main legal contention urged by Senior Advocate K.T.S Tulsi for Nalini Chidambaram was that as per Section 160 … [Read more...] about No Exemption For Woman To Appear Before Enforcement Directorate”, Madras High Court Dismisses Nalini Chidambaram’s Challenge Against Summons Under Money Laundering Act

Viet Nam News ĐÀ NẴNG — The 2015 penal code includes revised articles and supplements to fight money laundering. Chief Justice of the Supreme People’s Court Nguyễn Hòa Bình said at a workshop in Đà Nẵng yesterday that some of the regulations are unclear, and guidance is needed to ensure the laws against money laundering are effectively carried out. "Money laundering criminals often disguise illegal sources of money from their offensive activities with sophisticated means. So, we need a law enforcement force with legal knowledge support and the comprehensive legal system to fight the crime effectively," said Bình. "Many efforts have been made by Việt Nam’s judicial system in dealing with the crimes for years, and it’s still a challenge as Việt Nam has integrated more deeply into the global economy," he said. Binh said money laundering is not a traditional crime in Việt Nam, but … [Read more...] about Việt Nam commits to fight money laundering